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SONARA: Chairman and board members’ allowances to be adjusted

SONARA: Chairman and board members’ allowances to be adjusted
  • Comments   -   Monday, 04 November 2019 20:05

(Business in Cameroon) - Shareholders of Société Nationale de raffinage S.A. (Sonara), Cameroon's only refinery ravaged by a fire outbreak on May 31, 2019, are invited to a combined general meeting on Friday, November 22, 2019, in Limbe, the southwestern region.

During the meeting, they will deliberate on ten points. These include the “monthly allocation of the Chairman of the Board of Directors” and the “directors' duty allowances”. The monthly remuneration of the chairman and the directors' sessional allowances should, therefore, be adjusted in accordance with the Presidential Decree No. 2019/321 of 19 June 2019.

According to article 6 of this text, Sonara is classified as a first category public company because its average turnover over the last three financial years exceeds XAF100 billion.

For this category of institution, the chairman’s allocation is set at 0.0012% of the lowest turnover of this category (i.e. XAF100 billion) and the sessional allowances of administrators, the chairman included, are capped at 0.0015% of XAF100 billion. This corresponds to a monthly allocation of XAF1.2 million for the chairman and a sessional allowance of up to XAF1.5 million for each administrator.

Sylvain Andzongo

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